State of Michigan Retirement System grew its position in shares of Pentair plc (NYSE:PNR – Get Rating) by 0.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 44,664 shares of the industrial products company’s stock after acquiring an additional 200 shares during the quarter. State of Michigan Retirement System’s holdings in Pentair were worth $2,009,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of PNR. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Pentair by 10.5% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 16,329 shares of the industrial products company’s stock valued at $885,000 after acquiring an additional 1,554 shares during the period. HighTower Advisors LLC lifted its holdings in Pentair by 54.2% in the first quarter. HighTower Advisors LLC now owns 16,188 shares of the industrial products company’s stock worth $879,000 after purchasing an additional 5,692 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in Pentair by 6.6% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 22,141 shares of the industrial products company’s stock worth $1,200,000 after purchasing an additional 1,371 shares during the period. Great West Life Assurance Co. Can lifted its holdings in Pentair by 0.3% in the first quarter. Great West Life Assurance Co. Can now owns 126,084 shares of the industrial products company’s stock worth $7,146,000 after purchasing an additional 322 shares during the period. Finally, Allianz Asset Management GmbH lifted its holdings in Pentair by 17.3% in the first quarter. Allianz Asset Management GmbH now owns 14,212 shares of the industrial products company’s stock worth $770,000 after purchasing an additional 2,098 shares during the period. Institutional investors and hedge funds own 90.74% of the company’s stock.
Analysts Set New Price Targets
Several equities research analysts recently weighed in on the stock. Oppenheimer upped their price objective on shares of Pentair from $65.00 to $67.00 and gave the stock an “outperform” rating in a report on Wednesday, February 1st. Barclays upped their price target on shares of Pentair from $56.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, February 1st. Stifel Nicolaus upped their price target on shares of Pentair from $57.00 to $63.00 and gave the company a “buy” rating in a report on Friday, January 20th. StockNews.com assumed coverage on shares of Pentair in a report on Thursday, March 16th. They issued a “hold” rating for the company. Finally, Morgan Stanley upped their price target on shares of Pentair from $41.00 to $49.00 and gave the company an “underweight” rating in a report on Wednesday, February 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $60.31.
Pentair Price Performance
Pentair (NYSE:PNR – Get Rating) last issued its earnings results on Tuesday, January 31st. The industrial products company reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.03. The company had revenue of $1 billion for the quarter, compared to the consensus estimate of $993.68 million. Pentair had a return on equity of 23.40% and a net margin of 11.67%. The firm’s quarterly revenue was up 1.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.87 EPS. On average, analysts predict that Pentair plc will post 3.55 EPS for the current year.
Pentair Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, May 5th. Stockholders of record on Friday, April 21st will be issued a $0.22 dividend. The ex-dividend date of this dividend is Thursday, April 20th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.66%. Pentair’s dividend payout ratio is 30.45%.
About Pentair
Pentair plc engages in the provision of water solutions for residential, commercial, industrial, infrastructure, and agriculture applications. Its portfolio of solutions enables people, businesses, and industries to access clean, safe water, reduce water consumption, and recover and reuse it. The firm operates through the following business segments: Consumer Solutions and Industrial & Flow Technologies.
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